Volba zdroje financování investičního projektu

Abstract

Choice of financing sources of investment property is the one of the main areas of financial management. Source of funding must be chosen in order to not disrupt the financial stability of the company. The aim of this study is to assess the various financing methods of financing and to determine the optimal variant, which is based on selected criteria as the best one. In the thesis are chosen these methods of financing: the use of equity, bank loans or rental of assets under finance leases. In the chapter fourth, is characterized the company, that has decide to invest and buy printing equipment. Then input calculations are performed, the accounting and tax depreciation are determined to uncover their differences. The differences are taken into account when the calculation of cash flows are done for each year of the investment operation. It also includes evaluation of the options according to selected criteria - the present value of the expenditures, the sensitivity of the present value to changes in the cost of equity and interest rates, the debt of equity and the return on assets. To calculate the present value method is used the method of net present value based on NPV. The optimal varinat of funding, which is the financial leasing with 10% down payment, is determined using of a multi-criteria decision. The conclusion of this study shows the impact of this variation on the financial situation of the company.